Futures tied to the Dow Jones industrial average rose 61 points, or 0.2%. S&P 500 futures rose 0.22% and Nasdaq 100 futures rose 0.27%. The Federal Open Market Committee begins its September meeting on Tuesday and central bankers are expected to announce a 0.75 percentage point rate hike on Wednesday. Stocks have tumbled in recent weeks as comments from Fed Chairman Jerome Powell and an unexpectedly tepid consumer price index report in August had investors bracing for even higher interest rates until inflation eased. “I think last week a lot of work was done to reset interest rate expectations,” said Angelos Kourkafas, investment strategist at Edward Jones. “The momentum in equity markets is down [inflation] readings, it will be difficult to reverse this increased uncertainty and volatility that we are seeing,” Kourkafas added. During a volatile session on Monday, stocks rose in the afternoon to snap a two-day losing streak and recoup some of their recent losses. The Dow rose 197 points, or about 0.6%. The S&P 500 and Nasdaq Composite gained about 0.7% and 0.8%, respectively. But after the market closed on Monday, Ford said supply chain problems would cost the automaker an additional $1 billion in the third quarter. Shares fell 4.5% in extended trading. On the economic front, investors will take a fresh look at the housing market on Tuesday morning with August reports on housing starts and building permits.
